The handover of the Indian government-run steel company Neelachal Ispat Nigam Limited (NINL) to a Tata Steel group company will be completed by mid-July, a Tata Steel official said on Monday, June 27.
Tata Steel Long Products Limited (TSLPL) had earlier submitted the winning bid to acquire NINL through the government’s privatization process.
NINL operated a 1.1 million mt per year capacity steel mill in the eastern state of Odisha, but has remained shut since March 2020 owing to financial distress.
Following the submission of the winning bid for NINL, Tata Steel announced it would increase the capacity of NINL to 4.5 million mt per year in a first phase and to 10 million mt in a second phase.